In debt and need help

unclerick

hi there i am approx 25000 in debt 5 credit cards and 1 personal loan and cant get a remorgtage what do you consider to be my options i am considering an iva but worried about the effects and is there another way out of this i am making the min repayments at the minute but everything else is tight very tight even eating but everything is payed
HELPPPPPPPPPPPPPP

andys15

the first bit of help will start by you posting all of your incomings and outgoings, an SOA, theres a thread at the top of the forum.

unclerick

new to all this what do you mean by a thread sorry

CreditMonkey

Do not get any more loans and def not a secured one. go to https://www.cccs.co.uk and fill in the debt remedy. It'll most likely advise you do debt management plan with them. They are a free debt charity and wont give you any money or charge you any. They will negotiate with the companies to pay back the money interest free. It wont affect your mortgage and you only get a handfull of calls to start with and you tell them you on a plan with cccs and they go 'ok' and leave you alone. When you fill in the remedy list everything you need to spend and don't be afraid to include stuff.

andys15

no problem my friend, we are all new at one point. where you clicked on this page to reply you will find a load of similar post by people. At the top are posts which stay at the top. the 4th one down says sticky , help for new people and SOAs read that, fill in your SOA and copy it to this thread(post you made)

unclerick

is this any help i think ive covered everything


Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 350
Benefits................................ 125
Other income............................ 40
Total monthly income.................... 1955
Monthly Expense Details
Mortgage................................ 776
Secured/HP loan repayments.............. 106
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 73
Electricity............................. 80
Gas..................................... 0
Oil..................................... 20
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 29
Contents insurance...................... 22
Life assurance ......................... 73
Other insurance......................... 19
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1652

Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 182000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 129000...(776)......0
Hire Purchase (HP) debt ...... 1000.....(106)......0
Total secured & HP debts...... 130000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
a and l loan.................9000......222.......0
ulster bank....................2895......80........0
capital one....................2407......80........0
a and l card..................8863......90........0
barclay card...................1561......40........0
sky card.......................1524......35........0
Total unsecured debts..........26250.....547.......-

Monthly Budget Summary
Total monthly income.................... 1,955
Expenses (including HP & secured debts). 1,652
Available for debt repayments........... 303
Monthly UNsecured debt repayments....... 547
Amount short for making debt repayments. -244
Personal Balance Sheet Summary
Total assets (things you own)........... 182,000
Total HP & Secured debt................. -130,000
Total Unsecured debt.................... -26,250
Net Assets..............................

Fire_Fox

Welcome to the board - you have come to the right place!

It does look like you have cut back on a lot of outgoings - do you not have mobile phones? You could definitely work on those insurances as they look very high: use a price comparison site, join a cashback site (Quidco or Topcashback), clear your cookies and switch via the cashback site for some free money.

You should definitely speak to Payplan or CCCS - both free debt charities. If you have £100 spare for debt repayment after your essential outgoings you can do a DMP (Debt Management Plan). Basically the debt charity will speak to your creditors and offer them a reduced amount depending upon how much you owe and how much you can afford. When you go into a DMP lots of creditors will stop all charges and interest. A few might hassle you but we can help with that. :T